This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Nigeria.

Summary

This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Nigeria. It also includes an evaluation of the local wealth management market.

Scope

Independent market sizing of Nigeria HNWIs across five wealth bands

HNWI volume, wealth and allocation trends from 2009 to 2013

HNWI volume, wealth and allocation forecasts to 2018

HNWI and UHNWI asset allocations across 13 asset classes

Geographical breakdown of all foreign assets

Alternative breakdown of liquid vs. investable assets

Number of UHNWIs in major cities

Number of wealth managers in each city

City wise ratings of wealth management saturation and potential

Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Nigeria

Size of the Nigeria wealth management industry

Largest domestic private banks by AuM

Detailed wealth management and family office information

Insights into the drivers of HNWI wealth

Reasons To Buy

The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 75,000 HNWIs from around the world.

The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.

With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.

Report includes comprehensive forecasts to 2018.

Also provides detailed information on UHNWIs in each major city.

Key Highlights

There were 16,686 HNWIs in Nigeria in 2013. These HNWIs held US$90 billion in wealth, and wealth per capita was US$1,725.

In 2013, Nigerian HNWI numbers rose by 4.9%, following a increase of 4.7% in 2012.

Growth in HNWI wealth and volumes are expected to improve over the forecast period. The total number of Nigerian HNWIs is forecast to grow by 7% to reach 18,481 in 2018. HNWI wealth will grow by 27% to reach US$123 billion by 2018.

In 2013, Nigerian HNWIs held 17.2%, equal to US$15 billion, of their wealth outside their home country, which is below the global average of 20–30%.

With $US90 billion held in wealth by HNWIs in Nigeria in 2013, growth and volumes are expected to improve over the forecast period (2014-2018).

Nigerian HNWIs - As sot Class Composition. 2009-2018

Despite unfavorable world economic conditions, the wealth management industry in Nigeria is expanding. With US$283.4 billion in wealth, the industry is attractive for the development of both local and foreign institutions.

Much of the growth in Nigeria’s wealth management and private banking sector over the past decade has been driven by massive growth in personal wealth and the number of HNWIs and UHNWIs in the country.

However, rising unemployment rates, poor economic prospects, high levels of debt and corruption have led to a wealth imbalance. Over the forecast period, experts expect private banks and institutions to reinforce and expand their operations as well as allocate more resources to better understand their client base and provide high-level services to their clients.

HNWI wealth and volume growth rates are expected to improve over the forecast period. The total number of HNWIs is forecast to grow by 7%, and HNWI wealth will grow to reach US$120 billion by 2018. HNWI volumes, in both Nigeria and the rest of the world, fell in 2009. Despite this, Nigerian HNWIs outperformed the global HNWI average during the majority of the review period.